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Subject Topic: FCA interim permission Post Reply Post New Topic
Personcharles0106
20/1/2016 at 5:45pm
 Location: manchester
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has anybody heard of this and what it means i have secured a loan to buy a van and the finance company have asked me to ask whoever i buy the van from must be a dealer or company if they have this seems strangr.


Personjasie
20/1/2016 at 6:22pm
 Location: Bath
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that doesn't sound right.....the FCA have basically taken over consumer credit regulation. The loan provider will usually have interim permission from the FCA to be able to sell loans. in effect they in the process of shifting to the new regime, but have previously been authorised.

They should be able to give you their interim permission number (often in the footer of their website or on papers that they will have provided) which you can check on the FCA website that they are authorised.

It might be that they have a condition of the loan to prevent private purchase, check the T&Cs that they will have given you.
This may also be something to do with their interpretation of the regulations and that they are trying to cover themselves to ensure that you aren't taking a loan out to go and spend it on something else.

Its all about companies making the appropriate checks now to ensure that you can afford the loan now and in the future and they will want to make sure that they are safe in the knowldege that if you default they can get some of their money back. this all has to be evidenced in their records.


Personcharles0106
20/1/2016 at 9:59pm
 Location: manchester
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thank for that info much appreciated.


Personiank01
21/1/2016 at 11:23am
 Location: Worcestershire
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I think they may be safeguarding you in case you buy a lemon. By imposing this restriction they are "forcing" you to use a reputable dealership. That way if anything goes wrong you are covered by Consumer Rights Act and may be able to claim back.
Are you aware that by paying cash for a caravan and something goes wrong with it, you are on your own however if you used Black Horse for finance, you have their protection.
Best is to pay a desposit of over £100 by credit card and to finance the caravan. That way you are covered by the CC and finance company in case something goes horribly wrong. A hefty deposit reduces monthly paymentand also interest.


Personcharles0106
21/1/2016 at 12:08pm
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thanks iank01


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Personiank01
21/1/2016 at 12:19pm
 Location: Worcestershire
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Quote: Originally posted by charles0106 on 21/1/2016
thanks iank01


Please note that regarding the FCA I am making assumptions based on my knowledge and may be wrong.



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